The critical role of Wills and Power of Attorney for senior citizens

financialexpress.com:

The years closer to retirement bring with it a sense of accomplishment. For a lot of senior citizens, it is a time to unwind and enjoy the fruits of their labor. It is an ideal time for them to think about their legacy and get a handle on their assets – a responsibility that can be effectively addressed by making a Will.

For the uninitiated, a Will is a legal document that outlines a person’s wishes regarding the distribution of their assets. Getting a head start on planning and creating a Will is a smart move for seniors. These proactive measures not only simplify the process for their loved ones but also cultivate a sense of reassurance. In some cases, senior citizens might also want to appoint guardians for their dependents, if needed, and appoint an executor to manage the estate after their death. The legal consequences that could result from not having a valid Will are particularly significant for senior individuals, as well as their families.

To understand this better, let us take the case of Raghunath. He is an 80 year old man who has two children and three grandchildren. Apart from his house, he owns 20 acres of land, has savings and investments and receives a pension. Raghunath also suffers from a few ailments for which he seeks medical help frequently. His finances are managed by himself independently.

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To tackle legal hurdles, a Will is a necessary tool. One of the biggest challenges posed in front of seniors is the smooth transition of assets. A Will plays a crucial role in helping them assign assets to members that they would want as beneficiaries. In the absence of a Will, intestacy laws apply, which dictate how the assets are